Small Business Administration (SBA) Programs
Are you interested in starting a small business, buying a small business, or expanding your small business? We have options to suit your every need. For more information or to apply, our Business Lending Professionals today at (727) 431-7650 or (941) 907-4850.
SBA 7a Program
This is the SBA’s primary program and it offers a wide variety of options for financing all of your business needs. This includes: Business Acquisitions (Tangible & Intangible Assets), Expansions, Partner Buy-outs, Purchase of Owner-occupied Commercial Real Estate, Leasehold Improvements/Renovations, Fixtures, Furniture, Equipment, Working Capital, Interim Interest, Soft Costs, Closing Costs, and Refinancing Existing Business Debts.
The Rate and Term depend on the loan type and collateral, terms range from 10-25 years, and the rate is variable (adjusting quarterly). The term depends on the collateral, and any term of 15 years or more has a 3 year pre-payment penalty.
SBA 504 Program
This program involves two separate applications, one with Achieva Credit Union (the primary lender, 1st lien holder), and the other is the local Certified Development Center (CDC), where they purchase 40% of the loan from the lender after loan closing and the loan is fully funded.
The 504 Program is for “capital” purchases and refinances, including Owner-occupied Commercial Real Estate and Heavy Duty Equipment. The lender’s rate is fixed for up to 5 years with a 10 to 20 year amortization, and the CDC rate is fixed for 10 to 20 years with a 10 year pre-payment penalty. The term and amortization depends on the purchase of collateral (commercial real estate has the longer term).
Eligibility and Restrictions
The SBA Programs are for US Citizens or Permanent Resident Aliens (must provide proof), and Owner-occupied and Owner-operated businesses (not for investment or non-profit businesses). Applicants must have a minimum 10% cash injection (may require additional capital), good credit history (business & personal), capability (must have industry experience and proper licenses when applicable by Florida State Statutes), and commitment (must be willing to sign a personal guarantee and pledge personal assets, if available).
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Call us at (727) 431-7650 or (941) 907-4850.